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Group Limited Oup Limited GROOUPUP LLIIMMITEDITED Annual Report 2009 2 2009 Group Highlights 4 To the Shareholders 10 Bermuda Electric Light Company Limited 14 Bermuda Gas & Utility Company Limited 16 PureNERGY Renewables, Ltd. 18 InVenture Limited 21 Financial Information 22 Management’s Analysis 30 Report of Management 31 Auditors’ Report 32 Financial Statements 36 Notes to Financial Statements 48 Comparative Statistics 51 Corporate Information ASCEN DANT G ROUP AT A G LANCE MISSION 2009 ACHIEVEMENTS 2010 GOALS Ascendant Group Limited was established in 2009, replacing To maximise shareholder value Name change. Develop opportunities BELCO Holdings Limited as the through growth in existing Incorporated InVenture. for revenue generation. publicly traded investment holding energy-related businesses company. and investment in utility and infrastructure companies. Bermuda Electric Light Company Limited was established in 1904 as Bermuda’s To provide a secure, reliable Achieved reasonable financial Move forward on Central sole supplier of electricity. BELCO and sustainable electric results despite downturn in Plant development and operates generating plant and power system for the people economy in last quarter. Com- the New Energy Equation transmission and distribution systems of Bermuda. menced installation of three for Bermuda. to service over 35,000 metered new gas turbines. Delivered connections. draft Interconnect Agreement to Energy Commission. Bermuda Gas & Utility Company Limited was established in 1936 as a To provide environmentally Increased net earnings, Grow propane gas, distributor of propane gas and responsible energy products returning the company to parts and service and operates an appliance and service and services, while normal levels of profitability. appliance markets. centre. The Company was purchased delivering exceptional value by BELCO in 1994. to its customers, employees and shareholders. PureNERGY Renewables, Ltd. was incorporated in 2008 to offer To provide alternative Completed high-quality Break even financially. customised, small-scale renewable energy options that deliver residential installations. Make progress on systems to Bermuda’s residential and genuine value to its Planning permission and commercial markets. PureNERGY customers, employees interconnection issues. delivers integrated, sustainable, and shareholders. renewable power solutions through a combination of technologies: solar photovoltaic, solar-thermal hot-water systems and wind turbines. InVenture Limited was established in 2009 to pursue To maximise shareholder Formalised initial Bring new project s/ diversified investment opportunities value through diversified business plan. businesses on board. outside of the energy business. investment in non-correlated utility and infrastructure opportunities. BELCO Properties Limited was incorporated in 1996 and is a Oversaw management of Increase net earnings property rental and development Serpentine Properties . and expand the company established to manage those company’s scope. group properties that are not used in the Focus on 100% rental production or distribution of electricity. occupancy. BTS Limited was established in 1995 and is a subsidiary investment holding company. 2009 G ROUP HIGHLIGHTS 2009 2008 % CHANGE Net Earnings $ 19,506,881 $ 20,099,108 -2.95 Basic and Fully Diluted Earnings per Share $ 1.88 $ 1.95 -3.59 Dividends $ 8,775,074 $ 8,759,492 0.18 Dividends per Share $ 0.85 $ 0.85 0.00 Market Price per Share (as at 31 Dec.) $ 15.05 $ 18.00 -16.39 Book Value per Share (as at 31 Dec.) $ 31.05 $ 30.07 3.25 Total Assets (as at 31 Dec.) $ 377,161,649 $ 351,479,751 7.31 CAPITALISATION (Millions of dollars) 321.1 309.7 295.5 282.8 268.9 NET EAR NI NGS (Millions of dollars) 13.3 19.0 12.5 11.8 11.3 10.7 7.0 7.0 8.8 8.8 8.3 8.6 7.9 0.0 0.0 05 06 07 08 09 G Shareholders’ Equity G Long-Term Debt 05 06 07 08 09 G Dividends G Net Earnings Retained 2 BOOK VAL UE A ND MARKET PRICE OF SHARES (Dollar values are per share as at 31 December of each fiscal year) 31.05 30.07 28.64 27.48 26.21 INVEST MENT IN PROPERTY, PLANT AND EQ UI PMENT 23.00 (Millions of dollars) 21.00 38.7 20.18 37.2 18.00 32.0 15.05 30.2 26.0 05 06 07 08 09 G Book Value G Market Price DIV IDE ND YIELD (Percent) 3.82 3.53 3.96 4.73 5.64 05 06 07 08 09 ASCENDANT GROUP LIMITED 2009 ANNUAL REPORT 3 DEAR FELLOW SHAREHOLDERS With the support of shareholders at We believe in Bermuda’s future, and the 2009 Annual General Meeting, the our Group is committed to playing a name of our holding company was vital role in keeping the Island vibrant. changed to Ascendant Group Limited. Consequently, the Ascendant Group More than just a new name, however, is well positioned to help rebuild this represents a fundamental shift in Bermuda’s ageing infrastructure to focus for all of our operating companies, restore the success of tourism and along with diversification and growth enhance the international business into industries other than energy. model. As members of the newly branded Of course, BELCO and Bermuda Gas Ascendant Group, Bermuda Electric are well-known entities in the Bermuda Light Company Limited (BELCO), marketplace, and PureNERGY is quickly Bermuda Gas & Utility Company earning a reputation for delivering effec - Limited (Bermuda Gas), PureNERGY tive, customised, small-scale renewable Renewables, Ltd. (PureNERGY), and energy solutions. Each of these compa - newly formed InVenture Limited are nies continually seeks opportunities to managing people, performance and innovate in order to increase income or profit from a Group perspective, with control costs. We recognise that each emphasis on building on core strengths has unique challenges that it must across our businesses to develop new overcome to ensure continued success. opportunities. BELCO is navigating a new regulatory environment, while Bermuda Gas seeks Given current economic and regulatory new applications to grow the propane uncertainties, our operating companies gas market, and PureNERGY is helping are taking a focused, but flexible, the Island develop a small-scale renew - long-term approach to business. The able energy market, contributing to the Ascendant Group of companies will framework that will lead our community succeed by finding opportunities in the to be less reliant on imported fossil evolving, competitive energy industry fuels. and in other relevant industries. ASCENDANT GROUP LIMITED 2009 ANNUAL REPORT 5 TO THE SHAREHOLDERS In addition to exploring new revenue As a result, earnings per share from opportunities in the energy industry, operations decreased 3.59 percent Ascendant’s long-term success in 2009 to $1.88, down from $1.95 in depends on developing new business 2008. We expected 2009 to be a opportunities outside the energy indus - challenging year for BELCO, but are try. That is why, shortly after rebranding pleased that Bermuda Gas saw signifi - the holding company, we formed cant improvement in net income, InVenture Limited. Its mission and earning $1,268,408, as compared to business plan are detailed later in this 2008 net income of $419,383. report, but in essence it was estab - PureNERGY reported an operating loss lished to provide the Group with a of $1,100,539 for the year, compared to vehicle for new business development. a loss of $580,217 in 2008. We expect The core strengths that distinguish the PureNERGY to break even in 2010 Ascendant Group are our engineering and will look for positive results from and technical expertise, large-project InVenture. management skills and financial capacity, coupled with a solid reputation To mitigate the effects of the economic in the marketplace. Like the existing recession on our financial performance operating companies, InVenture will in 2009, we focused across the Group work to identify new opportunities on reducing or deferring expenses. that are supported by these strengths. We will do the same in 2010, as the Island’s consumers and businesses also While our companies are strong and continue to tighten their belts. We are well positioned to succeed, we must planning capital projects selectively, emphasise that, for the foreseeable and operating our companies efficiently, future, we expect to continue facing with skill, flexibility and emphasis on enormous economic, industry and innovation. With our companies work - regulatory challenges. We anticipate the ing cooperatively and beginning to economy will remain unstable through engage jointly in integrated resource 2010, and perhaps will not recover until planning, we also expect to realise 2012. The economic downturn has synergies and economies of scale had serious impact on Bermuda’s retail, that will have a positive impact on the construction and hospitality sectors, bottom line and, in turn, on the return which in turn has had an impact on our we provide to our shareholders. companies. As discussed later in this report, consolidated net earnings decreased from 2008 adjusted results of $20,099,108 to $19,506,881 in 2009. 6 Left to right: J. MICHAEL COLL IER Chairman A.L. VINCENT INGHAM President & Chief Executive Officer TO THE SHAREHOLDERS With respect to regulation, we have In addition, at the time of this writing, continually endeavoured to forge good Government’s 2010 Budget had just working relationships with Government, been released. While we were encour - particularly the Ministries of Energy and aged to see that it mentioned Customs the Environment and the new Energy duty relief for energy-efficient products Commission. In all of our discussions, and requirements for future buildings to we are stressing the urgent need to be “green ”, we were disappointed by move forward with regard to BELCO the lack of specifics, as well as reduced Central Plant development, as well as funding for the Ministry of Energy. We participating in public discussions on are concerned that this may indicate renewable energy, and providing input a lack of priority is being given to the to the Energy Green and White Papers.
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